FIS has announced a cloud-based mobile payments solution that will allow consumers to use their mobile device to make purchases at the POS.
The new solution…is unique in its ability to support popular smartphones and existing POS hardware while still being forward-compatible with new technology as it becomes available. This enables financial institutions to launch a mobile wallet today and to attract and retain customers via their own financial institution-branded mobile payments solutions. Retailers and financial institutions will also benefit through the solution’s ability to promote advertising, couponing and companion offers to consumers directly through the application. The solution is a software-only offering enabling easy deployment for financial institutions, retailers and consumers.
The secure nature of the system is of particular importance. As the system utilizes tokens to initiate transactions, payment credentials are hidden from both the consumer’s smartphone and the merchant’s POS device.
FIS is currently developing a number of pilots for an initial release of the system.
